HSBC: 13% of Singaporeans will be millionaires by 2030‎

A recent report by HSBC revealed that Singapore will consolidate its position as a hub for the wealthy in less than a decade.

The report indicated, according to the American magazine “Fortune”, that Singapore could overtake Australia and Hong Kong to become the seat of the largest number of millionaires in Asia in 2030.

Within eight years, more than 13% of the population of puberty and older in Singapore will have a fortune of $1 million or more, surpassing the proportion of millionaires in the United States, China and 12 other economies in the Asia-Pacific region.

The bank predicts that by 2030, the number of millionaires in the United States will make up 8.8% of the population, compared to 4.4% in China. Among the Asian economies, Australia will come in second after Singapore with about 12.5%, and Hong Kong will come in third place with 11.1%.

Singapore currently has the second highest proportion of adult millionaires at 7.5%, behind Australia at 8%, but outperforms Taiwan’s 5.9%.

Singapore is an economically prosperous city, characterized by low taxes, with an integrated social safety net. HSBC expects Singapore to continue to rise as a major destination for tech and finance expats as global companies and professionals flee Hong Kong, and wealthy Chinese nationals move their capital into the country.